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NOVALJ Sr Pref Issue: We See Fair Value At MS+150bp Area.

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Nova Ljubjanska (NOVALJ: BBB) is issuing senior preferred today; we see fair value at MS+150bp area.

  • NOVALJ is issuing EUR500m (WNG) 6NC5 senior preferred with IPT at MS+195bp area and an expected rating of BBB.
  • There’s only one senior preferred out from this issuer (beyond 1yr workout) so we use NOVAKR and MONTE as rough benchmarks with similar ratings. Bid spec around MONTE is likely tightening this curve so, even with NOVALJ’s only observed comp a little tighter than MONTE’s curve, we see fair value slightly wide of the intercept at MS+150bp.

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Nova Ljubjanska (NOVALJ: BBB) is issuing senior preferred today; we see fair value at MS+150bp area.

  • NOVALJ is issuing EUR500m (WNG) 6NC5 senior preferred with IPT at MS+195bp area and an expected rating of BBB.
  • There’s only one senior preferred out from this issuer (beyond 1yr workout) so we use NOVAKR and MONTE as rough benchmarks with similar ratings. Bid spec around MONTE is likely tightening this curve so, even with NOVALJ’s only observed comp a little tighter than MONTE’s curve, we see fair value slightly wide of the intercept at MS+150bp.